- Wednesday, February 26, 2025
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Tuesday, October 17, 2023:
Top carmaker Maruti Suzuki India on Tuesday said it would issue shares worth Rs 128.41 billion (£1.26 billion) to Suzuki Motor to purchase a local manufacturing unit from the Japanese automobile major, Reuters reported. This is the first time that Maruti has unveiled a value for the plant in the western state of Gujarat. It first said about buying the plant in July. The share issue will raise Suzuki’s stake in Maruti to 58.19 per cent from the current 56.48 per cent, roughly in line with the company’s estimate in August. Suzuki has invested about Rs 180 billion (£1.7 billion) in the plant, which manufactures cars for Maruti, since 2014.
India’s state-run Coal India, GAIL India and Rashtriya Chemicals & Fertilizers (RCF), will invest Rs 30.95 billion (£305.4 million) in their fertiliser joint venture in the eastern state of Odisha, two government officials told Reuters. GAIL and RCF will put in Rs 17.3 billion (£170.7 million), while Coal India will invest Rs 13.64 billion (£134.6 million) in Talcher Fertilizers to maintain their current stakeholding, adjusted for an increase in project costs, the sources said on the condition of anonymity. Each of the three companies holds a 31.85 per cent stake in Talcher Fertilizers. The report added that Coal India will require a federal cabinet nod for the infusion as the company has hit its investment ceiling, the sources said, adding that the cabinet is likely to take a call in the weeks ahead.
India’s Jio Financial Services JFS has plans to launch auto, home loans and other products, as the company backed by India’s richest man Mukesh Ambani seeks to establish itself as a full-service financial services firm in a fast growing market, Reuters reported. Despite strong growth, penetration of financial investment products in the South Asian company is low relative to the size of the economy. Ambani, who is known for making disruptive forays into sectors such as telecom and retail, is eyeing this market now.
Zomato managing director & CEO Deepinder Goyal on Tuesday clarified that the company has “absolutely nothing to do” with a viral video in which a woman is seen riding a motorcycle without helmet dressed as a delivery partner of the online food delivery firm in Indore. In a post on X, Goyal said, “Hey! We had absolutely nothing to do with this. We don’t endorse helmet-less biking. Also, we don’t have a ‘Indore Marketing Head’.” He was responding to a post by an user of X, who posted a video of a woman dressed as a delivery partner of Zomato riding a high-end motorcycle carrying the company’s delivery bag.
The Indian defence ministry on Tuesday said it signed a contract with Mazagon Dock Shipbuilders Ltd for construction of the first Indian Coast Guard training ship at a cost of Rs 310 crore (£30.5 million). It would be the first dedicated training platform with integral helicopter capabilities that will provide basic sea training to Coast Guard personnel and other international trainee officers, according to the ministry. “The Ministry of Defence signed a contract for the construction of one training ship for the Indian Coast Guard (ICG) with Mazagon Dock Shipbuilders Ltd, Mumbai at a cost of Rs 310 crore,” it said. The ministry said the training ship with advanced and modern high-tech surveillance and monitoring systems will provide “profound insight and expertise” to the ICG cadets on the challenges at sea while ensuring the security of coastline and offshore assets.
(With agencies inputs)
